Anyone Up for a Variable Annuity Question?

[DHK]

I agree with you. Talk to him directly. No need to call his compliance dept.

Because you've had licenses, you "get it". You don't have to do business with him, but you can talk to him as a peer could.

However, if it was someone who has never been in financial services, I would have them call that person's manager or B/D.

 

[CALTCAgent]

So, I had my wife drop it off at his office. Then, a few days later, I get a letter from him telling me where to sign. He had completely filled out an application for a variable annuity through Ohio National, including the suitability forms

Did he fill out suitability forms correctly, based on what you told him, or did he just make things up?

 

[njh_lfg]

when you say "throw him some business" in your initial post I can only assume that the initial conversation was similar. If you said that is is similar to "do whatever you want you have my business".

It does not surprise me coming from an RR if this is the way you approached it.

How small of an account are we talking? Regardless, run away.

 

[iceco1d]

For what it's worth, Ohio National is probably the best VA company out there.

 

[adamhawley]

Good to know about Ohio National. I had not heard of them.

As for my early conversations with him, I gave him nothing to determine my suitability, other than I am certain I gave him the impression this wasn't going to be a life or death decision for me. The account is not what I consider my nest egg.

To Matt's point, what bothers me the most is his assumption that I wanted a VA in the first place. We never talked about investment vehicles of any kind, and I tend to be the type that would rather manage my own cash than have a company guarantee me an income stream. Oh, this just reminded me; he didn't even provide me with a prospectus! Just, "here, sign this, and put in your SSN and DL number."

I will talk to the guy directly. No need to rat on him. But, he isn't going to get my biz. That's for sure...

Thanks for everyone's input. It is appreciated. I think we can close the book on this one.

 

[0b1kanobee]

For what it's worth, Ohio National is probably the best VA company out there.

Interesting statement. I'm not familiar with their VAs. Could you elaborate a little?

I know someone who writes a ton of VAs but with either PRU, JN or Snoopy. Lately it has been PRU.

 

[CALTCAgent]

Good to know about Ohio National. I had not heard of them.

As for my early conversations with him, I gave him nothing to determine my suitability, other than I am certain I gave him the impression this wasn't going to be a life or death decision for me. The account is not what I consider my nest egg.

To Matt's point, what bothers me the most is his assumption that I wanted a VA in the first place. We never talked about investment vehicles of any kind, and I tend to be the type that would rather manage my own cash than have a company guarantee me an income stream. Oh, this just reminded me; he didn't even provide me with a prospectus! Just, "here, sign this, and put in your SSN and DL number."

I will talk to the guy directly. No need to rat on him. But, he isn't going to get my biz. That's for sure...

Thanks for everyone's input. It is appreciated. I think we can close the book on this one.

Every suitability form I've seen asks for numbers for assets and income. You never said if he made up the numbers on suitability form?

 

[sman]

Want an A Hole

Really? You want an A Hole?

 

[xrac]

I would call his B/D, and notify them of how he is running his practice...How does he know a VA is a suitable investment for you? He doesn't have any clue if you may need to dip into it in the near future...Want an A Hole[/QUOTE)

Agreed. But, I think I'll call him out on it directly.

That is exactly what I would do.

 

[BNTRS]

For what it's worth, Ohio National is probably the best VA company out there.

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